付出高额信贷成本后更可能寻求补偿——来自不同行业发展下侵占债权人利益的证据

Compensation Is More Likely to Be Sought After High Credit Costs

不同行业获得信贷资金时支付的债务资本成本存在差异,债务资本成本较高的行业更可能在信贷资金后寻求代价补偿,导致债务代理成本更高。通过固定效应等多种计量模型发现:相比于其他行业,成长性行业的投资风险性更大,资产替代现象更严重,寻求代价补偿的程度更高;市场化程度越高,投资风险性越小,资产替代现象越不严重;在市场化程度高的地区行业特征比较明显。成长性行业的投资不足问题相对更严重,债务代理成本更高。市场化程度越高,投资不足问题越不严重,行业特征更明显。进一步分析发现:股权分置改革后,投资风险性降低,资产替代行为减少;货币政策紧缩时期,贷款利率更高,资产替代行为更低。股权分置改革之后,投资不足现象减少,债务代理成本降低;货币政策紧缩时期,投资不足问题较轻,对债权人的侵害更小。

Different industries have different debt capital costs when they receive credit funds.Industries with higher debt capital costs are more likely to seek compensation after credit funds,leading to higher debt agency costs.We discover by a variety of econometric models such as fixed effects:compared with other industries,the investment risk of growth industries was greater,the phenomenon of asset substitution was more serious,and the degree of seeking cost compensation was higher.The higher the degree of marketization,the lower the risk of investment,the less serious the phenomenon of asset substitution.The characteristics of industries were obvious in regions with high degree of marketization.The problem of insufficient investment in growth industries was more serious and the cost of debt agency was higher.The higher the degree of marketization,the less serious the problem of insufficient investment and the more obvious the industry characteristics.The further analysis shows that the risk of investment and the substitution of assets decreased after the reform of equity division.When monetary policy was tight,lending rates were higher and asset substitution was lower.After the equity division reform,the insufficient investment and the agency cost of debt decreased.When monetary policy was tight,the problem of insufficient investment was less serious and the damage to creditors was less.